We have all heard about Bitcoin and the blockchain revolution by now, but how many of you have heard about the games running on the Ethereum Network?
In 2017, Cryptokitties was launched. It is a game where you can purchase and breed digital cats. Using blockchain technology, no two cats are alike so the total supply of each unique cat is literally one. Some of these cats were selling for upwards of $100,000 at one point in December. This recent hype reminded me of the Beanie Baby craze that brought in $1.4 billion in sales in 1998.
There are now games being launched left and right using blockchain technology. There are games with fighting fish, countries at war, and the list goes on. They all seem pretty simple so far without much in the way of graphics to speak of. I can only imagine what types of games will be born in the future using this new technology. There is a virtual world promising to launch shortly called "Decentraland" that just finished its “virtual land” sale auction in January. At the time of the sale, one virtual 10m x 10m square of land went for upwards of $200,000!
I would caution those of you out there scooping up these “digital assets” in hopes that they will be worth millions down the road, to remember and learn from collectables in the past. We have all heard the saying, “if it was made to be collectable, it probably isn’t.”
Keep a keen eye out for those that promise something the world has never seen before, and do not get caught up in the hype of the ones that will be forgotten.